Axis Bank service fees: Axis Bank, India’s leading private sector lender, has revised its bank and non-bank service charges for customers with savings and salary accounts at the bank. This includes an increase in service charges per month on not maintaining the minimum account balance, among others. While part of these new Axis Bank rules will take effect from June 1, the other part will take effect from July 1, the lender said in a notification.
Here are the revised Axis Bank service fees that will come into effect from June 1 this year
Average monthly balance: The average monthly balance requirement for all savings and salary account variants under the Prime and Liberty account programs has been increased. For semi-urban areas, the average monthly balance required has been increased from Rs 15,000 to 25,000 FR from 1 June. The same for rural accounts of Axis Bank has also been increased by the same rates, according to the notification.
Monthly Service Fee for Failure to Maintain Account Balance: Service fees will be applicable on domestic and non-resident account variants under the easy and equivalent, Prime, Liberty, Krishi, Farmer, Senior Privilege and Premium segments. The monthly service charge has been increased by Rs 7.5% of the average monthly balance required. The minimum requirement for this has been removed by Axis Bank, and the maximum limit has been raised from Rs 500 to Rs 600.
– Metro / Urban – Rs. 600
– Semi Urban – Rs. 300
– Rural – Rs. 250
Here are the revised Axis Bank service fees that will come into effect from July 1 this year:
Monthly limit without cash transaction: Axis Bank has revised its fee structure on monthly cash transactions. Under the new rule, Axis Bank free cash transactions are limited to “first 5 transactions or INR. 1.5 lakhs, whichever comes first. Previously it was “first 5 transactions or INR. 2 lakhs, whichever comes first. This applies to all savings account variants under Prime and Liberty.
NACH debit failure: This has been revised to Rs 500 per transaction. Previously, it was Rs 375 for the first transaction, Rs 425 for the second transaction and Rs 500 from the third transaction.
Automatic Debit Failure and Standing Instruction Rejection Fee: This has been revised to Rs 250 per transaction from the earlier Rs 200 per transaction. Transaction fees on cash deposit transactions: According to the Axis Bank website, “INR. 50 per transaction after banking hours (i.e. between 5:00 p.m. bank holidays for deposits exceeding 2 transactions or INR 5,000 per month (single or multiple transactions), whichever comes first.”
Checkbook fees: According to the Axis Bank website, the physical statement and passbook duplicate fees have been revised from Rs 75 to Rs 100 per instance. The additional check book fee has been revised from Rs 2.5 per sheet to Rs 4 per sheet.
“All fees and charges are exclusive of tax. The fees mentioned in the tariff will incur Goods and Services Tax, where applicable,” Axis Bank said in its notice. The move comes weeks after the RBI raised its charges. repo rate of 40 basis points.
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